₦airaland Forum

To them ladies:
Having a big b0*ty, Voluptuous Backside  is the new craze Almost In the Whole world. A Big Thanks to Kim Kardashian,Omotola, Toolz, Jennifer Lopez,Beyonce, Men everywhere now Hunger for women with Big backsides, while women are doing everything possible to meet Up to the Demand.
Before you join the surgery wagon, or kill yourself doing 100 squ’ats a day, know that there are foods that you can eat in order for your backside to grow naturally, they are Listed below.
No Need for Squatting Or Surgery! – Women Get A Voluptuous Backside with These 6 Steps

1 Tomatoes – Not only is this good for heart, it also helps in giving you that just B00ty you want in a healthy, natural way.
2 Beans – These, due to the fact that they are high in protein and have amino acids, help plump up the muscles in your b00ty naturally.

3 Chicken – This is a good choice as it contains white meat which is a great nutritional way to build muscle. Remember to avoid meats high in fat since you want to avoid gaining unhealthy body mass.

4 Eggs – Although high in cholesterol, it contains protein which is a great ingredient to help build the muscles in your b00ty. However, limit your intake to just 2/3 per serving.

5 Sweet potato – This helps blast fat in your stomach area, thereby making your backside look big..

6 Oatmeal and fruit.

Oya naw

She dey flex

I see people exposing there unclothedness, is that wat u guys call culture?

lol

mama I dey hail oo,i jos say make I great

Hardluck wat you need to do is think,i mean go bck to early age and think of wat alway turn her on,leave the immaturity aside and do wat u hav to do to win ur wife back...going after asshez isn't an option...best of luck!!!

Ahh Nairaland don suffer

youngibeh:
Dear Nairalanders, i was shocked when my pastor who was also amazed showed me some pixs he snapped in our deliverance service with an image at the top of the congregation that look like an agbanje spirit.

PLEASE WATCH THE PIX CLOSELY AND TELL ME YOUR TAKE. THIS HAPPEN IN MY CHURCH I WAS A WITNESS TO EVERYTHING.

O boy u don chopan all

kingk:
Togo
Yemen
Morocco
Niger

If you don't have anytin important to say pls keep shot

otunsman:
This bokoharam no dey finish. Tomorrow them go kill 200 people again.

More work less talk on point

dustmalik:
Slowly but steady. Indeed, we shall overcome these terrorists.

BH on the run

dainformant:
As part of efforts to rid Nigeria of Boko Haram terrorists, troops of 21 Brigade and elements of Nigerian Army Engineers yesterday cleared a notorious terrorists camp at Chuogori and Shantumari, Borno State. During the offensive operations the fleeing terrorists left underground silos.

In addition, troops of 151 Task Force Battalion conducted operations on Kashingeri, Wale and Kushingari Boko Haram terrorists camps today. During the raids, quite a number of the terrorists were killed, a Landrover vehicle and a Tipper were recovered. The troops also rescued 59 civilians that were held captive by the terrorists and cleared the camps.

Colonel Sani Kukasheka Usman
Acting Director Army Public Relations."

http://www.nationalhelm.com/2015/07/photos-nigerian-troops-clear-notorious.html

E kabo Baba!!

metronaija:
[img]http://3.bp..com/-fKd4uv_Sk5c/VbpBeAi2TWI/AAAAAAAGEF4/pN0duqKRFTs/s1600/3.jpg[/img]

President Buhari this afternoon arrived Nigeria from Cameroon after his one day state visit to the country. He was received by Vice President Yemi Osinbajo
http://www.metronaija.com/2015/07/photos-buhari-arrives-nigeria-from.html
[img]http://4.bp..com/-yBIbWkYn8Qc/VbpBe_GwJCI/AAAAAAAGEF8/A5ZLUaYoeUo/s400/4.jpg[/img]
[img]http://3.bp..com/-cGpLlPzKecs/VbpBfFStEjI/AAAAAAAGEGA/quz2kODM5Xk/s400/5.jpg[/img]
[img]http://3.bp..com/-cGpLlPzKecs/VbpBfFStEjI/AAAAAAAGEGA/quz2kODM5Xk/s400/5.jpg[/img]
[img]http://3.bp..com/-5m-twaT_zBs/VbpBf-jPocI/AAAAAAAGEGQ/z-YViXgFP00/s400/6.jpg[/img]
[img]http://2.bp..com/-xP-K8ayeDDY/VbpBgemzEbI/AAAAAAAGEGU/Yj0XeZsutKg/s400/7.jpg[/img]
[img]http://1.bp..com/-7hAwUcLWxGA/VbpBg38g9aI/AAAAAAAGEGg/F26w5LD2PlU/s1600/8.jpg[/img]
http://www.metronaija.com/2015/07/photos-buhari-arrives-nigeria-from.html

cc: lalasticlala ishilove

OP u blind oo,she's nt little man she's a midget

realoke:
source> http://rangeblogz..com/2015/07/this-policemen-are-not-only-disgrace.html

Nice thought bro,u deserve these beautiful babe lol

Idrismusty97:
Irrespective of their regions, only the corrupt will work against the amiable but "No Nonsense" president.

I love when fools like av no clue that u guys are being fooled

chigoizie7:
Lol, those fools know absolutely nothing about politics. They tot propaganda and lies are politics of national interest? They have played all there cards, now PDP will mess all of them up.


*nigerians now know that APC are conc. Liars. If they continue like this, Nigerians will choose PDP over them come 2019.

*they played politics of personal interest and greed as opposition during GEJ, now PDP will play politics of national interest as opposition and still make there govt most ungovernable.

Fingers crossed, Nigeria is getting interesting, smarter politicians in play now.

What a beautiful nonsense

Flyoruboy:
This could be dangerous in the long run coz they can pally up with the opposition to impeach the president, automatically paving the way for a Saraki presidency.

Name a country without the letter "A" in it. Don't write what someone else has written

All these childish men self

JEGA01:
Speaker of Nigeria’s House of Representatives, Yakubu Dogara, on Monday, July 27, 2015, warned all members of the parliament, mostly, members of the ruling All Progressives Congress (APC), who are against his leadership, to conduct themselves orderly as the parliament resumes, otherwise, they would be severely dealt with.

Members of the APC Loyalist Group had been at dagger drawn with the speaker over the allocation of the Principal Officers seats meant for the APC in the lower chamber as the Speaker and his supporters under the auspices of Consolidation Group have consistently rejected the desire of the APC National Leadership to foist some persons on the parliament as the Principal Officers.

The plenary was thrown into chaos a month ago when loyalists of the Speaker and members of the APC Loyalist Group engaged in an open fight on the floor of the House as the Speaker refused to read the “anointing letter” from the party Chairman, John Odigie-Oyegun, and was preparing to read out names of his own anointed candidate.

While the House was on the forced break, the Speaker’s group played a fast one on the party by offering the contentious seats to some members of the APC Loyalist Group who speedily accepted it and dumped the agitation against Dogara.

However, the rest members of the Loyalist Group at a press conference on Sunday denounced their members who accepted the “Equity Formula” proposed by the Speaker and raised the alarm that plans were afoot to deny some of them access to the chamber as the plenary reconvene on July 27, 2015.

In a response to the Loyalist Group, the Speaker in a statement issued by Hon. Abdulrazak Namdas on behalf of the House Ad-Hoc Committee on Media and Publicity denied any plan to ban any member from the floor of the House today.

In another statement by Aminu Shehu Shagari, the chairman, House Adhoc Committee on Code of Conduct, stern warning was issued to loyalist of Femi Gbajabiamila that the plenary on Monday must be incident-free or they will be heavily descended on.

The terse statement from Shagari read in part: “Members may wish to note that the Committee has been saddled with the responsibility of carrying out the functions of the Standing Committee on Ethics and Privileges.

“As we resume plenary on Tuesday 28, July, 2015, the Committee wishes to call on all members to conduct themselves in an orderly manner.

“The Committee will no longer tolerate any unruly behaviour by any member of the House no matter how highly placed.

“Members who have grievances are advised to explore peaceful avenues of seeking redress instead of resorting to violence on the floor of the House, or the precints of the National Assembly.

“There are adequate sanctions in place to penalise any member who may want to disrupt the peace during plenary, Committee meetings or other legislative functions of the House.

“The House will deal with any member who violates the rules, disrupts plenary, or is found wanting of miscoduct and other sundry offences.

“Members are admonished to demonstrate high standards of ethics consistent with the important role of Lawmaking and the 8th Assembly Legislative Agenda which place emphasis on the wellbeing of the Nigerian people.

“We should all be guided accordingly.

The war against the loyalists of Gbajabiamila was continued in the statement issued by Ad-Hoc Committee on Media and Publicity as the committee said that all who alleged that they are being threatened are all liars.

The Dogara loyalists insisted that there was no plan to bar anyone from the Chambers but urged them to comport themselves as the plenary of the parliament resumes today.

The allegations raised that the Dogara leadership was primed to thwart the anti-corruption stance of the President Muhammadu Buhari’s administration was also not true.

“Our attention has been drawn to statement issued by some members who lost out in the leadership contest on Sunday alleging that there was a plot to bar them from accessing the premises of the House of Representatives on Tuesday 28th July 2015.

“We wish to state that the 8th House of Representatives under the able leadership of our Speaker, Rt. Hon. Yakubu Dogara, is a responsible parliament that would never contemplate anything like that.

“It is the right and freedom of every member to attend plenary, Committee meetings and even access their offices without any hindrance.

“There was never a time the leadership considered blocking members from the National Assembly.

“The allegations can best be described as baseless, unfounded and figment of their imagination.

“Members are hereby advise to, in accordance with relevant provisions of the House Rules, Legislative Houses Powers and Privileges Act, and the Code of Conduct of the House, conduct themselves with decorum and in a manner deserving of honourable members of the House, during plenary, Committee meetings and other legislative engagements in the House.

“Similarly, the members also made alleged that the leadership was trying to truncate President Muhammadu Buhari`s anti-corruption crusade.

“We find this allegation as uncharitable and unbecoming of a House member. The Speaker Yakubu Dogara`s record of incorruptibility endeared him to the members which culminated in his election as Speaker on June 9th.

“One of the first major decisions taken by the leadership was to draft the Legislative Agenda which is primarily aimed blocking revenue leakages, introduce anti-graft legislations and help the government in its drive to restructure the country.

“We advise the members who lost put in the election of presiding and principal officers to emulate those who have accepted the olive branch extended to them by Mr. Speaker in the interest of peace, and stability of the House.

“Nigerians should ignore the allegations by members who lost out in the leadership election as it is both baseless and unfortunate” the group stated.

http://dailyindependentnig.com/2015/07/nass-crisis-ill-crush-opposition-dogara-warns/

As I see it now fish kiss is the safest Bt the dullest

exlinkleads:
Kissing has overtaken smoking and drinking as the leading risk factor for developing head and neck cancers.The humble French kiss can pass on human papilloma virus (HPV), and Head of Maxillofacial and Head and neck Surgery at the Royal Darwin Hospital, Dr Mahiban Thomas, said the virus was responsible for a ‘tsunami’ of cancer cases.

Dr Thomas told NT News if you became infected by HPV in the oropharynx, your risk of developing head and neck cancer was 250 times higher than that of someone without the virus. While most commonly associated with cervical cancers in women, HPV can affect both men and women.

There are more than 100 types of the virus, but it is ‘Oral HPV’ that can cause cancers in the oropharynx.

The Centers for Disease Control and Prevention said studies suggested Oral HPV could be passed on during MouthAction or open-mouthed or ‘French’ kissing, and about 7% of people have oral HPV, but only 1% of people have the type of oral HPV that is found in oropharyngeal cancers.

‘’High-risk behaviours are MouthAction, multiple kissing partners, and more recently there are reports even ‘petting’ can lead to infection,’ Dr Thomas told NT News. “If someone has kissed in excess of six people their risk of contracting HPV is higher, or if someone has kissed in excess of nine people the risk is significantly higher again,” Dr Thomas said. -


: http://www.exlinklodge.com/2015/07/papilloma-deadly-virus-is-real-and-more.html#sthash.cjYbw4it.dpuf

O boy she no go spend T fare again,she's genius joor

valdetino:
A female student of Godfrey Okoye University produced this Automobile.

Low faith in God meks people do stupid tinz

topsyking:
Owner Of Mansion House Swept Away By Flood In Anambra Threatens To Commit Suicide According to FB users in Anambra, the house pictured above was swept by flood this past Thursday. The owner is threatening to commit suicide if Governor Obiano didn’t rescue his family. Very sad! May God comfort this family

http://naijagists.com/photo-owner-of-mansion-swept-away-by-flood-in-anambra-threatens-to-kill-himself/

Wow these pic make ma day

Mobsync:
The cadets are first year Nigerian Defence Academy students. The pictures were posted by one of them who owns and operates the twitter page twitter.com/thendakaduna

Is this the type of animals the NDA is breeding? The last time, some army generals were complaining that NDA had been churning out half-baked/unbaked officers that were synonyms of incompetence and cluelessness when on the field.

I've sent tweets to Twitter.com/DefenceInfoNG Twitter.com/HQNigerianArmy and twitter.com/GENOlukolade. I encourage you guys to do the same too. The pictures are from twitter.com/thendakaduna

The so called cadets can be seen punishing people, causing traffic jams and sitting on people's vehicles.

More pictures in fourth post.

Cc: Ishilove Lalasticlala

Men I feel them boys die

LOC1:
Ordinary cadet! Our military has turned into an organization where touts and human rights violators are bred. Heaven knows what would become of them when they leave the NDA. Give them arms now to face insurgents and they will urinate on their body.

Desperation on point

emmalezy:
[img]http://1.bp..com/-TUd1X4uCla0/VbZaZBTr0DI/AAAAAAAGCEs/wtI3884P_Vc/s1600/1.jpg[/img]
The Rivers state police command paraded a number of male and female criminals involved in kidnapping, robbery and killing of their victims in the state.

Speaking at the press briefing, the state police commissioner, Chris Ezike said three of the criminals paraded, Kelvin Ogbulaon aged 22, Chiwendu Akani aged 20 and Nelson Kacaranmoh aged 23 on July 7th kidnapped one Friday Ozogo around Elekahia area in the state. For reasons yet unknown, the men killed their victim and hastily buried him in a shallow grave around Choba waterfront.

[img]http://4.bp..com/-XCESSn1YRvA/VbZaZZI1DLI/AAAAAAAGCEo/RSe5Tz-YIPA/s1600/2.jpg[/img]
Despite their callous actions, the criminals continued to harass the victim’s family for ransom, and collected over N500,000.00. They pestered the family until the Police through diligent investigation tracked them down. They were arrested and they confessed to the crime and took the Police to the location where they buried their victim. The corpse of their victim has been exhumed and taken to the Mortuary for autopsy.

Two locally made pistols using 7.62mm ammunition was recovered from them.
[img]http://2.bp..com/-nflMGgOPaMg/VbZaaIF9ejI/AAAAAAAGCE0/ZjzcWvuwqSc/s1600/3.jpg[/img]
Also a female identified as Nne Jaju 22 and her accomplices, 20 year old Yenubari Sergeant and Wisdom Stephen involved in child stealing, were arrested after they broke into the room of a 7 month old baby girl’s parent’s home in the night at Mile 2, Diobu, Port Harcourt and quietly stole the child on July 20th.

The baby was taken to Nekede in Imo State and sold for N 200,000.00 to one Nkechi Anyanwu 45yeras old. The accomplices of the buyer, one Francisca C. Chukwu 36 years and Joy Uzoechi both females, resident at Owerri were equally arrested and have made useful statements.

source

http://www.npf.gov.ng/blogshare.php?id=58

Some will blame Mr president

georjay:
http://www.punchng.com/business/business-economy/nigerias-debt-now-n12-12tn-dmo/

Wonders shall never seize

dre11:
The father of six said that he had caught his wife on three different occasions with another man, alleging that she had had been involved in several cases of abortions.




http://leadership.ng/news/449884/man-75-seeks-divorce-over-starvation-of-sex

How many Nigerians re ill and nit doing so well due to your corrupt practice,EFCC and whatever mgt involved in probing these corrupt people should keep up to there good work.

lalasticlala:
http://leadership.ng/news/449830/let-our-daughter-diezani-be

Lol but am sure u catch the cheat

endowednicky:
Some people would not see it o.........



But they would come and type "I saw it"

Lol at that moment the guy dnt mind to bury emself

grad2012:
Omg I just saw it too how d hell did he get there

Is ur Alfa Swagger a popular celebrity?

powerfulsettingz:
Alfa swagger for my area owns two
Why was his name not Included?

Continue

argon500:
Despite elaborate efforts to sweep it under the carpet, facts have shown that a strategic alliance agreement between the Nigerian Petroleum Development Company (NPDC) and Atlantic Energy Drilling Concepts Nigeria Limited Limited (AEDCNL) has helped parties in the agreement to swindle the country. After wide-ranging investigations, Assistant Editor ADEKUNLE YUSUF uncovers the details of the deal that set back the country by about $2b.

It is an adventure laced with shoddiness. That perhaps is the most fitting silhouette for the Strategic Alliance Agreement (SAA) between the Nigerian Petroleum Development Company (NPDC) and Atlantic Energy Drilling Concept Nigeria Limited. From all available documentary evidence, the SAA, which paved the way for Atlantic Energy to operate some oil blocks during the administration of former President Goodluck Jonathan, has left the country short-changed of about $2billion, excluding hundreds of millions of dollars as bank loans and money owed to workers and contractors. After four years of the alliance, everything suggests that NPDC and Atlantic Energy owe Nigerians a lot of explanations regarding how some oil blocks – OMLs 26, 30, 34, 42, 60, 61, 62 and 63 – were handled between 2011 and 2014, including outright theft of proceeds from all the millions of barrels of crude oil lifted during in the four years.

A portfolio company

Like a well-choreographed movie, it all started on a measured pace. On July 19, 2010, Atlantic Energy Drilling Concept Limited (AEDCNL) was incorporated as a portfolio company. That was barely three months after Mrs Diezani Alison-Madueke, former Minister of Petroleum Resources, assumed office after her redeployment from Mines and Steel Development Ministry. Curiously, the company changed its name to Atlantic Energy Drilling Concepts Nigeria Limited (AEDCNL) on October 27, 2011. However, Atlantic Energy, even without prior record of successful experience in the oil and gas sector, announced that it had entered into a Strategic Alliance Agreement (SAA) with the Nigerian Petroleum Development Company (NPDC) in April 2011. That was exactly six months before AEDCNL was legally born. In a capsule, the company that claimed to have signed the SAA with NPDC was not legally in existence when the deal was shoddily consummated in April 2011. As unknown portfolio company, Atlantic Energy was operating from a temporary office accommodation before it opened office in 2012 at 32a Adetokunbo Ademola Street, Victoria Island, Lagos, after the NPDC fortune had smiled on it. With the NPDC contract in its kitty, Atlantic Energy embarked on a massive recruitment exercise, poaching good hands in the oil industry, which it used to actualise its planned scheme to play big in Nigeria’s highly shady oil and gas sector.

But all that never dissuaded partners in the deal from embarking on a hot business romance at the expense of the country. The SAA covered 4 Oil blocks: OML 26 – FHN; OML 30 Shoreline; OML 34 – Niger Delta Oil, and OML 42 Neconde, all sold by Shell /Agip and Total. It was obvious that the NPDC granted the SAA in absolute secrecy without following any due process as stipulated in the government procurement laws and policy. With the sale of the four oil blocks, in which the Federal Government owns 55 per cent, the National Petroleum Investment Management Services (NAPIMS), which oversees national investments in Joint Venture Companies (JVCs), Production Sharing Companies (PSCs), and Services and Services Contract Companies (SCs), transferred the ownership to NPDC as the upstream producing arm of the NNPC. Although the NPDC should have paid NAPIMS a signature bonus, no payment was made, leading to a loss of asset by the federation and loss of revenue that should have accrued to national coffers. This was confirmed by the recent PwC audit report, which audited remittances from NNPC to the Federation Account after the allegations by Sanusi Lamido Sanusi, former governor of the Central Bank of Nigeria (CBN) who is now the emir of Kano. The audit findings showed that remittances into the Federation Account were not up to date.

An unholy alliance?

The SAA is to enable Atlantic Energy provide fund and technical services and lift oil. Being a funding mechanism, the SAA is meant to enable the owner (NPDC) to accept its strategic partner (Atlantic Energy) to partake in the production sharing of the oil field at a fee called signature bonus, while the strategic partner is expected in return to fund the operations and provide technical support so that it can be reimbursed directly from the production in subsequent periods. Although a good idea that is said to be critical to the survival of the country’s oil and gas industry, the SAA was obviously not managed in the national interest, for it has helped parties in the deal to embark on a stealing spree of public fund after production liftings.

Up till now, industry watchers are still in a shock over how NPDC, which is peopled with some of the best engineers and technical experts, granted the SAA to a company that paraded no track record of requisite experience in the sector – all without following any process as stipulated in the government procurement laws and policy. Besides documentary evidence, findings within the sector showed that the deal was an unholy arrangement between Alison-Madueke, top NPDC officials and the duo of Kola Aluko, who is a known business ally of the ex-Minister, and Jide Omokore, a controversial business mogul who is a Peoples Democratic Party (PDP) stalwart, financier and kingmaker to some governors as well as many senators and members in the House of Representatives. Aluko and Mrs Alison-Madueke have denied any business ties.

NewTable New1Of the two promoters of Atlantic Energy, Omokore had no easily traceable previous experience in the oil and gas industry, while Aluko had.

However, drawing on its connections in high places, Atlantic Energy swung into plum business, having won the hearts of those at the helms of affairs – from the ministry and the Presidency. As contained in the SAA document, Atlantic Energy was supposed to pay a signature bonus of $245 million to NPDC, but it ended up paying $135 million – no thanks to legal terminology and simple mathematics that only parties in the deal could explain. The balance was remitted to the account of unknown people.


What should have gone to Nigeria
Inside the raw deals

Atlantic Energy approached two Nigerian banks for loans. Going by the books of Atlantic Energy, the loans were meant for the payment of signature bonus and cash calls to NPDC. Therefore, in 2011, it took a loan of $490million, with First Bank contributing $370million and Skye Bank $120million. At the beginning of the deal, Atlantic Energy actually paid the signature bonus of $135 and cash calls of $68 to NPDC from the loan, totalling $203 million out of $490million lifeline provided by the two banks.

But another weighty, if not damning evidence that was to expose the shoddiness of the SAA came in the early life of the deal. In 2011, shortly after securing the juicy contract, it was NPDC that lifted crude oil (947,096 barrels) on behalf of Atlantic Energy and remitted $102m into the coffers of its strategic partner; instead of Atlantic Energy to lift oil and remit proceeds. Why? It was because Atlantic Energy, a mere portfolio company at the time it was handed the sweetheart contract, was still too new and untested to even secure an export permit for such a venture as at the time, thus showing the level of involvement of the top echelons of the Petroleum Ministry and NPDC officials.

A detailed scrutiny of the cash calls schedules and other papers also showed that the plundering galore continued till 2012 and 2013. For example, in 2012 alone, Atlantic Energy paid cash calls worth $168m, but lifted crude oil of about 3million barrels valued, conservatively at over $350 million. Despite the differentials in remittances, NPDC continued to look the other way as Atlantic Energy lifted about 2million barrels of crude oil in 2013, valued at about $240million, but paid cash calls of $68million. In 2014, records also revealed that Atlantic Energy paid zero cash calls and lifted about 500,000 barrels of crude oil, valued at $54 million, with all the funs siphoned abroad as payments for vendors sources say are phony.

Table2Again, the promoters incorporated the Atlantic Brass Development Company Limited on February 5, 2013. As usual, it was hurriedly granted another set of SAA. The SAA covered another set of 4 blocks: OML – 60; OML – 61; OML – 62; OML – 63. Unlike in the previous deals in 2011 and 2012, when it paid a fraction of obligatory funds, the company simply pocketed all the proceeds, paying pay no signature bonus or any cash calls at all despite lifting about 8 million barrels of crude oil, valued at $800 million at the time. Instead various amounts of money were transferred to the accounts and investment companies in UK, Dubai and Switzerland. They also opened mirror accounts of Atlantic Energy Brass in the UK and Switzerland (see the table on foreign accounts).

However, with the fall of the administration of Jonathan, the chicken seemed to have come home to roost, as the NPDC, which seemed to have condoned all the infractions of its strategic partner, has suddenly woken from slumber. In a letter from NPDC, dated May 6, Atlantic Energy was asked to pay its outstanding indebtedness OMLs 26, 30, 34, and 42, totalling $573,668,090 (five hundred and seventy three million, six hundred and sixty eight thousand, ninety dollars).

“This is to inform you that we have not yet received any payment on outstanding cash call obligations after our reconciliation sign-off, dated August 28, last year. Kindly remit the sum of $573,668,090 (five hundred and seventy three million, six hundred and sixty eight thousand, ninety dollars) only, being amount due to OMLs 26, 30, 34, and 42,” said the NPDC.

An analysis of the reconciliation sheet revealed that the $573,668,090 was just a fraction of the cash calls, as some huge returns that were yet to be subjected to technical and financials by the two parties were not included.

But the bad state of finances on OMLs 26, 30, 34, and 42 paled when compared with that on OMLs 60, 61, 62 and 63 where Atlantic Energy owes NPDC a staggering $1,250,644,474.54 (one billion, two hundred and fifty million, six hundred and forty four thousand, four hundred and seventy four dollars).



“This is to inform you that we have not yet received any payment outstanding cash call obligations after our reconciliation sign-off, dated August 28, 2014. Kindly remit the sum of $1,250,644,474.54 (one billion, two hundred and fifty million, six hundred and forty four thousand, four hundred and seventy four dollars) only, being amount due on OMLs 60, 61, 62 and 63,” the letter said.

Atlantic Energy has also defaulted on the bank loans from First Bank Plc and Skye Bank. Instead of moving the proceeds of the liftings to the two banks to repay the loans and pay the obligatory cash calls, Atlantic Energy has transferred the funds through various related party companies. As at now, the loans have not been paid while the mounting interest element is also long overdue.

In a letter from Skye Bank, dated April 10, Atlantic Energy was reminded of repayment its outstanding obligations ($39,232,428.16) on the $120 million loan facility it took from the bank.

“Kindly refer to our various correspondence and discussions regarding your outstanding obligations on the above subject facility ($120 million). This is to remind you that the total sum of $39,232,428.16 plus accrued interest is past overdue for payment on your facility,” the letter said.

The letter was signed by Tutu Alu, manager, corporate banking group, and Tosin Faniro-Dada, relationship officer, corporate banking group.

Another letter from First Bank, dated February 20, tacitly refused a request from Atlantic Energy seeking to restructure the loan facilities it has received from the bank, hinging it on some stringent conditions.

“We refer to the meeting held on 19th February 2015 and your request for a restructure of your facilities coupled with lenders’ consent to change the ownership structure of Atlantic Energy. We wish to state that, even as we are mindful of the set timeline, we are constrained to progress your request further until we receive the following documents: (1) copy of the executed NPDC/Atlantic Energy reconciliation, (2) copy of executed NPDC repayment plan, (3) addendum to the SAA, (4) NPDC consent to the restructure of the company.”

The FBN letter also included the following conditions that must be met before considering Atlantic Energy’s request: “provision of standby Letter of LC to secure crude oil liftings, and payment of all overdue obligations, coupled with the injection of $100 million to reduce exposure to lenders.”

The letter was signed by Deji Abisola, business manager, corporate banking group (energy and utilities), and Jide Ayeronwi, group head, corporate banking group, (energy and utilities).

Also, in spite of the billions of dollars it has enjoyed over the years, Atlantic Energy has not filed its accounts with the Federal Inland Revenue Service (FIRS) as stipulated by law. Using an influential lawyer, who sources said is the company’s legal backbone, Atlantic Energy has continued to hold on to the legal advice that it is not liable to tax.

In a letter from FIRS, dated February 17 , Atlantic Energy was warned of the consequences of its refusal to submit the accounts and returns within the next ten days. It was signed by the duo of Okeowo Taiwo, and Ocheja E.F., FIRS’ manager (tax) and deputy manger (tax) respectively.

It reads: “It is worrisome to note that we are yet to receive the draft accounts/returns as promised. Let me remind you that the accounts/returns are long overdue for submission. You are advised to submit the accounts/returns within 10 days from the date of receiving this letter, failing which FIRS shall enforce compliance with the relevant tax laws.”

Transfers, cash withdrawals

Sadly, a company that could not meet its financial obligations was on a spending binge, with its directors living ostentatiously (owing private jets and armoured jeeps) and transferring huge sums – sometimes in billions and millions of naira and dollars – into accounts of both local and foreign organizations. And if the local transfers raised some red flags, so were the numerous transfers of millions to foreign accounts (see a table on foreign accounts) of Expedia Marine Company Limited, Energy Property Development Ltd, Petrochemicals Offshore, SPOG Petrochemicals Limited, Premium Aviation Services Ltd, Ibalex Nigeria Limited, and numerous others, where funds were paid at different times.

Interestingly, Atlantic Energy is enmeshed in huge debts – albeit self-imposed. But it seems the embattled company is not ready to go down alone. Not only has it closed its office, it also did not pay its staff for more than one year. It has equally defaulted in the payment of workers’ pension and PAYEs, leading to a mass resignation crisis that swept the company even before it closed its shop recently. Even business partners were not left out, as Atlantic Energy, which kept booking flight tickets and enjoying services from international and reputable companies, did not meet its obligations to its numerous clients, wrecking havoc on several businesses. Now, Atlantic Energy owes NPDC about $2billion, banks $550million, workers $5million, and other vendors $20million. This explains why the banks as well as NPDC appear helpless, as Atlantic Energy is frantically looking for investors to buy the company and the massive debts to boot.

The Nation learnt that the promoters of Atlantic Energy are negotiating a soft-landing with some people that are very close to the corridors of power with a view to refunding a paltry amount. Their stratagem is to sway the new administration to avoid the “unnecessary controversies” that a probe may generate so that they can be asked to go and sin no more. As part of a grand strategy to achieve their objective, some foot soldiers have been enlisted, including some highly-placed Nigerians, to reach out to President Muhammadu Buhari to strike a deal on their behalf, fearing that any inquiry into the books of NPDC and other agencies in the highly opaque oil and gas sector will most likely unearth a can of worms. Will President Buhari, who is widely revered as an incorruptible man, allow them to walk away free after what seems like clear financial crimes against the country? Time will tell.

Source: http://saharareporters.com/2015/07/27/between-diezani-jide-omokore-and-kola-aluko-inside-oil-deals-cost-nigeria-billions